A 5 per cent increase in fees for various licences has been proposed without tweaking the existing tax structure. The BMC's total budget estimates for the next financial year are 8.95 per cent more than the last fiscal.
The government has no plan to print currency notes to tide over the current economic crisis triggered by the outbreak of COVID-19 pandemic, Finance Minister Nirmala Sitharaman informed Parliament on Monday. To a question on whether there is any plan to print currency to tide over the crisis, the finance minister said, "No Sir". Many economists and experts have suggested to the government to print more currency notes to tide over the difficult economic situation with a view to support the economy ravaged by the spread of COVID-19, and protect jobs.
Equities went into a tailspin on Wednesday after the Reserve Bank surprised the market with a mid-cycle rate hike in a bid to tame soaring inflation.
Despite being a neighbour, Pakistan has never accounted for more than 2 per cent of India's total exports, and its share in India's total imports is less than 1 per cent. On the other hand, bilateral trade between India and Bangladesh has increased five times.
The Securities and Exchange Board of India's (Sebi's) technical advisory committee has been mandated to probe the trading halt at National Stock Exchange (NSE) and fix accountability. The committee after a detailed examination would send its findings and recommendations to whole-time member Madbhi Puri Buch, to decide the future course of action, said two people in the know. The panel, which is currently chaired by Ashok Jhunjhunwala of IIT Madras, is learnt to have sought an explanation over two key issues from NSE: One on the effectiveness of interoperability as it was unable to migrate the trading positions; the other on laxity in switching it to the disaster recovery site.
The decision to increase the MSPs (Minimum Support Prices) was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi. MSP is the rate at which the government buys the grain from farmers. Currently, the government fixes MSPs for 23 crops grown in both kharif and rabi seasons. Sowing of rabi (winter) crops begins from October immediately after the harvest of kharif (summer) crops.
Xi, 68, holds China's all three power centres -- General-Secretary of the CPC, Chairman of the powerful Central Military Commission which is the overall high command of the military, and the Presidency is set to complete his second five-year tenure next year.
India's services sector activity moderated further in January as new business rose at a noticeably slower rate amid the escalation of the pandemic, reintroduction of restrictions and inflationary pressures, a monthly survey said on Thursday. The seasonally adjusted India Services Business Activity Index fell to 51.5 in January, down from 55.5 in December, pointing to the slowest rate of expansion in the current six-month sequence of growth. For the sixth straight month, the services sector witnessed an expansion in output.
Probably 35 bps. There could be even an encore in February 2023 to take the policy rate to 6.5% before the financial year ends, predicts Tamal Bandyopadhyay.
The Reserve Bank on Friday retained the GDP forecast for the current financial year at 9.5 per cent and flagged global semiconductor shortages, elevated commodity prices and potential global financial market volatility as downside risks to economic growth. In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections. "The ebbing of infections, together with improving consumer confidence, has been supporting private consumption," he said, and added the pent-up demand and the festival season should give further fillip to urban demand in the second half of the financial year.
Suspended Congress leader claims 100 letters to Sonia Gandhi over leadership change
In its scheme of things, tackling inflation now comes ahead of ensuring growth in the world's sixth largest economy, points out Tamal Bandyopadhyay.
The government plans to bring down its stake to 26 per cent in these two banks, which are yet to be identified. This may not come in the way of getting investors for these banks, provided the government is willing to step back rather than run them the way it had been doing for over five decades since these banks were nationalised, points out Tamal Bandyopadhyay.
RBI Governor Shaktikanta Das said that early containment of the pandemic could impart an "upside" to the economic growth outlook.
The Congress said it will continue their march once the COVID third wave declines and the curbs are relaxed.
A rise in petrol and diesel consumption can help the government cut cesses on the fuels by Rs 4.5 a litre without impacting revenue collections of FY21, and help cool off the pressure on inflation, domestic rating agency ICRA said on Friday. Petrol consumption is estimated to increase 14 per cent in 2021-22 and diesel by 10 per cent on the lower base, rise in mobility and economic recovery, ICRA said. The rating agency added that it will result in an additional Rs 40,000 crore in revenue for the government through higher collections of the cess.
Ahead of the first meeting of the top decision-making body in nearly eight months, finance ministers of eight states ruled by non-Bharatiya Janata Party and like-minded parties -- Rajasthan, Punjab, Chhattisgarh, Tamil Nadu, Maharashtra, Jharkhand, Kerala and West Bengal -- have devised a joint strategy to press for a zero tax rate on Covid essentials, sources said.
The man who could well have been a high-level corporate may have to content himself being deputy chief minister. But other challenges await.
The 41-year-old 'young gun' travelled the length and breadth of the state to strengthen the party at the grassroots level and ensure its comeback.
The government is unlikely to come up with the IPO of Life Insurance Corporation (LIC) in the current financial year ending March 2022, as the valuation of the state-owned behemoth is taking more than anticipated time, and the preparatory work is still far from complete. There are still some issues that need to be addressed with regard to the valuation of LIC, a senior official of one of the merchant bankers said. Even after the valuation, there are several regulatory processes that have concluded, the official said.
The redevelopment project of the Central Vista -- the power corridor of the country -- envisages a new triangular Parliament building, a Common Central Secretariat and the revamping of the three-km-long Rajpath from the Rashtrapati Bhavan to India Gate and new residences for the prime minister and the vice president.
Anybody who's plugged in to the modern, globalised world will understand why, says Kanika Datta.
The Reserve Bank on Wednesday retained the GDP growth forecast at 9.5 per cent for the current fiscal but cautioned that the economic recovery is not yet strong enough to be self-sustaining and durable.
The entire temple complex will, however, be ready by 2025.
Australia (296 points from 3 series) toppled India (360 points from 4 series) in the standings after the revision with a percentage of 82.22 compared to the latter's 75 per cent.
Behind the scenes, sponsors who have pumped billions of dollars into the Tokyo Olympics have grown increasingly nervous about how the coronavirus outbreak will impact the tournament.
The Reserve Bank of India on Friday decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance as the economy faces heat of the second Covid wave.
The Tokyo Olympics 2020 will cost the host organising committee six times more than their original estimate, and come in at around 1.8 trillion yen ($14.85 billion), public broadcaster NHK said on its website on Friday, citing people familiar with the matter.
Rajan said it is hard to offer an objective self-assessment but the RBI should probably have raised more flags about the quality of lending in the early days of banking exuberance.
Assocham president Niranjan Hiranandani said his talks with government officials showed dues to industry and states were pending in the form of refunds of income tax, value-added tax, and GST, and compensation, payments to discoms in the power sector, fertiliser subsidies, etc.
The Reserve Bank on Friday approved the transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended March 31.
Concerns are swirling that Japan's dream of hosting the Tokyo 2020 Olympics could be a fatality of the spread of the new coronavirus, jolting organisers, sponsors, and media firms who have spent billions of dollars in the run-up to the event. Global insurers face a hefty bill if the coronavirus forces the cancellation of the Games, with estimates of the cost of insuring the showpiece running into billions of dollars.
Old timers in Oil and Natural Gas Corporation (ONGC) still remember how in early 2000 its overseas subsidiary, ONGC Videsh Ltd (OVL), was on the verge of closure. Though OVL was set up in 1965, the only discovery the company had made till then was in Vietnam offshore, with more investment needed to monetise it. In 2001, when OVL started looking for new blocks abroad, the company's previous acquisition was 13 years old.
Tokyo Olympics organisers are preparing to host the Games next year even if the global coronavirus pandemic hasn't eased substantially, organising committee chief executive Toshiro Muto said on Tuesday. Muto said he hopes Tokyo 2020 could be the benchmark in a post-pandemic world.
India's macroeconomic situation is improving fast and the country's GDP growth will turn positive in the third and fourth quarters of the current financial year, eminent economist Ashima Goyal said on Sunday. Goyal in an interview to PTI said the management of the COVID-19 pandemic and gradual unlocks announced by the government have helped in avoiding multiple COVID-19 peaks. The growth estimates by different agencies are being continuously revised, she said.
The court directed the Congress to explain whether they were adhering to COVID norms such as wearing face masks, and maintaining social distancing.
The change in WTC rule, prompted by the disruption caused by the COVID-19 pandemic, allowed Australia (82.22%) to leapfrog India (75) to the top of the standings
Economy has become a major cause of concern for the new government with GDP dropping to 5.8 per cent in the last quarter of the 2018-19.
'I would recommend two parts to fiscal support. One, support the lower end of the society by direct intervention through ways such as direct benefit cash transfer. Second, give fiscal support to the stressed sectors in line with the Rs 3-lakh crore (Rs 3 trillion) emergency credit line guarantee norms'
'To bring about a paradigm shift in farmers's income, we need to change our approach to agriculture, and transit from the narrow prism of cultivation to a full-fledged enterprise, by building all associated supply chain linkages.' 'This alone will make the farmer an entrepreneur in his own right.'
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